Abu Dhabi introduces extensive AI investment plan
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Abu Dhabi: Abu Dhabi marks a monumental move towards technological advancement, with the Artificial Intelligence and Advanced Technology Council (AIATC) unveiling MGX, a pioneering technology investment company aimed at spearheading the deployment of innovative technologies. This announcement marks a significant milestone in the UAE's journey towards innovation and progress.
Established on January 22, 2024, by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the AIATC has been at the forefront of driving technological innovation in the region. With the creation of MGX, the council aims to further accelerate the development and adoption of AI and advanced technologies, both locally and globally.
MGX, which stands for "Master Global X," aims to revolutionize technology by investing in key areas such as AI infrastructure, semiconductors, and core AI technologies and applications. By focusing on these critical sectors, MGX aims to drive innovation, foster economic growth and enhance the quality of life for individuals across the globe.
H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, said’ ““Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity, guided by Abu Dhabi’s global investment strategy for artificial intelligence”.
The foundational partners Mubadala, brings a wealth of experience and expertise to the table and G42, a global leader in AI technology, jointly contributes its innovative solutions to MGX's endeavors.
Leading the helm of MGX's board of directors is H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC. Alongside him, Khaldoon Khalifa Al Mubarak assumes the role of Vice-Chair, while other distinguished members include Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao, and Ahmed Yahia Al Idrissi.
Ahmed Yahia Al Idrissi, a seasoned professional with over 30 years of operational and investment experience, has been appointed as the CEO of MGX. With his leadership and the collective expertise of the board members, MGX is poised to make significant strides in the realm of technology investment.
According to a recent report from Strategy& Middle East, a unit of PwC, investments in generative AI are projected to expand, resulting in approximately $23.5 billion in economic gains for Gulf nations by 2030.